The possibility of a national mortgage servicing standard including Notary training will force financial institutions across the nation to strengthen their internal policies and procedures, according to the NNA’s Business Outreach Specialist Chris Sturdivant.
As a result, “the NNA firmly believes that a nationwide training standard would significantly improve the integrity of the real estate industry and the land recording process,” Sturdivant said.
That was the message the NNA delivered to mortgage servicers and land recording officials last month at the Mortgage Bankers Association (MBA) National Mortgage Servicing Conference & Expo, and the Property Records Industry Association (PRIA) 2012 Winter Symposium.
A primary topic of discussion was the vital need for sound corporate policies and training for Notaries and their supervisors — corporate risk issues that were largely overlooked amid the foreclosure “robo-signing” crisis. “The recent National Mortgage Settlement has revealed to risk managers the essential need for Notarytraining programs within their organizations,” Sturdivant said.
Financial institutions are working to comply with the mandates of the settlement — which includes implementing training programs, corporate best practice standards for notarization and Notary law compliance— to avoid future “robo-signing” scenarios. Attendees at both conferences consulted with the NNA for guidance on creating or reforming their Notary programs.